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Maximizing Energy Efficiency: Insights into the Heat Recovery Steam Generator Market

09-18-2023 01:24 PM CET | Industry, Real Estate & Construction

Press release from: Future Market Insights

Maximizing Energy Efficiency: Insights into the Heat Recovery

Heat recovery steam generator sales will total US$1.31 billion in 2023. The demand for energy-efficient power production systems and rising investments in boosting power plant efficiency are underlined as the main development factors.

These factors are expected to cause the market to expand at a steady CAGR of 4.5%, with the U.K., the U.S., Germany, and Japan emerging as important producers.

The global market for heat recovery steam generators is anticipated to reach US$1.31 billion in 2023, according to Future Market Insights (FMI), an ESOMAR-certified consulting firm. Through 2033, the market is expected to grow at a 4.5% CAGR, with Germany, Japan, the United States, and the United Kingdom emerging as significant producers.

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In addition, government initiatives in countries such as the U.S., the U.K., India, and China regarding the promotion of renewable energy will spur demand for heat recovery steam generators in the forthcoming years.

Further, sophisticated customization and innovative product solutions offered by OEMs and heat recovery steam generator players will continue providing tailwinds to sales.

As per FMI's regional analysis, the U.K. is anticipated to lead the European heat recovery generator market. Stringent regulations regarding carbon emissions in the European Union, coupled with increasing adoption of renewable energy sources will enhance growth prospects through 2031.

"Increasing investments in the power generation sector to improve efficiency, coupled with inorganic growth strategies adopted by OEMs for better market reach will continue augmenting growth in the forthcoming years," says the FMI analyst.

Key Takeaways From the market report:

Fully assembled heat recovery steam generators will remain the most preferred type of design.
In terms of configuration, horizontal drums will account for maximum sales.
Based on output power, 0-60 MW segment is poised to experience high demand.
Combined heat and power plants will dominate the application segment.
The U.S. is anticipated to witness high demand for heat recovery steam generators, owing to increasing energy production and need for sustainable methods. The North American market is poised to grow at a 4.4% CAGR.
The U.K. will continue leading the European heat recovery steam generator market, expanding at a 4.6% CAGR.
Demand for heat recovery steam generators will continue rising in China, due to rising adoption of combined cycle plants.
India will emerge as a lucrative market, owing to government-backed initiatives promoting renewable energy production.
Japan and South Korea will collectively account for 5% of the total market share.

Competitive Landscape

Cleaver-Brooks, Siemens AG, General Electric, CMI Group, John Wood Group PLC, Cannon S.p.A., Mitsubishi Hitachi Power Systems, Ltd., Rentech Boilers Systems Inc., Hamon Deltak, Inc., AC BOILERS SpA, SES Tlmače, a.s., and Xizi United Holdings Limited are some players operating in the heat recovery steam generator market profiled by FMI.

Top 5 players in the market include General Electric, Siemens AG, CMI Group, John Wood Group plc, and Mitsubishi Hitachi Power Systems Ltd., accounting for 75.5% of the total market share.

Leading players, as a part of their growth strategies, are focusing on strategic collaborations, mergers, and acquisitions to expand their global footprint and improve their product portfolios. For instance:

In August 2021, Siemens Energy and state-owned Egyptian Electricity Holding Co. signed a memorandum of understanding to develop a hydrogen-based, including a 100-200 MW pilot electrolyzer facility for the clean energy industry.
In August 2021, Mitsubishi Power's Philippines unit secured a three-year term service agreement to maintain boilers of the Davao coal plant of Aboitiz Power Corp. The agreement is intended to maintain reliable energy access in Mindanao.

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Heat Recovery Steam Generator Market by Category

By Design Type: 

Modular Construction
C-Section Construction
Bundle Construction
Fully Assembled

By Configuration Type:

Horizontal Drum Units
Vertical Drum Units
Horizontal-Once Through Units

By Output Power Type:

0-60 MW
60-100 MW
100 MW & Above

By Application Type:

Co-generation (Process Heating)
Combined Cycle
Combined Heat & Power (CHP)

By Region: 

North America
Latin America
Western Europe
Eastern Europe
China
Japan
India
South East Asia & Others (SEA)
Middle East & Africa (MEA)

Nandini Singh Sawlani
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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